Dana Gas reports earnings of AED528 million in 2015, boosted by RWE settlement and Pearl stake sale
Dana Gas released its 2015 financial results showing earnings of AED528 million compared to AED457 million (+15% Y-o-Y). Gross revenue came in at AED1.53 billion (-39% Y-o-Y) as i) average realised prices were down nearly 50% Y-o-Y to set an average of USD50/bbl for condensate and USD37/boe for LPG; as well as ii) a decline in production rates in Egypt. While prices were down Y-o-Y, the improvement in earnings came on the back of i) a gain on settlement of RWE Arbitration; and ii) the sale if a 5% interest in Pearl Petroleum Company. On production, Dana reported that it had produced an average of 63,900 barrels of oil equivalent per day (boepd), which was down 7% Y-o-Y fueled by a 15% drop in Egyptian production. As for receivables, in Egypt the company collected USD125 million and realised 111% of its revenues, while overall receivables in Egypt amount to USD221 million. In Kurdistan, Dana Gas stated that its share of collections for the year amounted to USD43 million, while its 35% of trade receivables amounted to USD727 million. (Company disclosure)
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